Worldline, the European market leader for payment and transaction services, announces the introduction of a dedicated payment solution for online marketplaces that ensures smooth payment processes between all parties in the ecosystem and supports marketplaces in attracting and retaining consumers and merchants alike.
Online marketplaces are clearly in demand and their popularity is on the rise, according to Forrester research, 40% of all online purchases are made via marketplaces. To effectively position themselves as an indispensable interface between a large and growing consumer base and a diverse range of merchant partners, marketplace providers have to ensure a seamless online shopping and transaction experience.
Online marketplaces are developing at an incredible pace and the reason for their popularity is clear. As e-commerce portals, they provide participating merchants with the highest levels of online visibility for their products coupled with the end-to-end administration of their sales transactions which enjoy greatest levels of consumer acceptance. Online marketplace sales already make up 40 per cent of the total e-commerce market, with research company Forrester predicting the segment to grow to 66 per cent of business-to-consumer online retail spending by 2022.
Dedicated payment solution for online marketplaces
The key to commercial success lies in the back-office of a marketplace, where efficiency is the main driver. Ranging from offering a choice of secure payment options to customers through to managing a variety of payment and commission models with merchants, all processes must be integrated, automated and compliant with the payment industry’s regulations.
Worldline is launching a dedicated payment solution to cater for the very particular needs of marketplaces, ranging from classic marketplaces for physical products, franchise systems, travel agents, self-check-out solutions through to delivery services. For those marketplaces with an international footprint and cosmopolitan customer base, a huge variety of currencies can be processed, and Dynamic Currency Conversion (DCC) is available too. DCC has already gained acceptance in e-Commerce with an average conversion rate of 50 per cent.